Prnewswire·2026-03-11 13:00Core Viewpoint - The article discusses a potential class action lawsuit against Snowflake Inc. due to alleged misrepresentations regarding its revenue growth and consumption model, which led to significant stock price declines after corrective disclosures were made [1]. Group 1: Timeline of Events - June 27, 2023: Snowflake hosted an Investor Day, expressing confidence in reaching a $10 billion product revenue target by 2029, while downplaying risks related to efficiency gains and new product formats [1]. - August 23, 2023: During the Q2 Fiscal 2024 Earnings Call, management described consumption as "good" and mentioned upcoming product launches without disclosing existing headwinds affecting the consumption model [1]. - November 29, 2023: In the Q3 Fiscal 2024 Earnings Call, management reported strong consumption but failed to disclose the impact of tiered storage pricing and customer plans regarding Iceberg Tables [1]. - February 28, 2024: Snowflake disclosed disappointing Q4 and full fiscal year 2024 results, including the withdrawal of the $10 billion revenue target and a lowered FY 2025 growth forecast to 22% from the expected 30% [1]. Group 2: Financial Impact - Following the corrective disclosure, Snowflake's shares fell by $41.72, representing an 18.14% decline [1]. - The company acknowledged a revenue impact of 6.2% to 6.3% from efficiency gains alone and increased revenue headwinds from tiered storage pricing and Iceberg Table adoption [1].